Divorce, for better or worse, comes with costs. Many of those costs may surprise you; some won’t, but it is far better to head into divorce with your eyes open. Among the financial costs of divorce are:
The single most expensive part of a divorce is finalizing the division of assets between former spouses. Tennessee uses an equitable standard, meaning that the division will not necessarily be even. When making the decision, the court factors in:
- The length of the marriage
- The individual contributions to the estate
- The future needs of both parties
Additionally, the assets that the court will divide are:
- Homes: Tennessee’s law will dictate the property division of any real estate in Tennessee. If the couple owns property in other states, that can be much more complicated.
- Personal property: Anything purchased during the marriage, such as art or furniture or personal valuables, is part of the division discussion. However, an individual’s property before marriage, as well as anything they have inherited, is not.
- Financial investment accounts: Married couples often have significant funds tied up in investments. These investments will need to be divided. This includes employer-provided retirement accounts and pensions, which require a court order to separate.
While many of the items subject to division are fairly common, some can be extremely difficult to attain.
Any children will naturally need all the financial security their parents can provide. Child support will almost certainly become a significant and regular payment. Often support payments amount change as the child ages or a parent’s situation changes.
While both parties receive equitable treatment when it comes to the division of the marital estate, this is somewhat different for the ongoing financial support of spouses. If one spouse maintains a greater level of assets and financial security, they may have to pay support to the former spouse.
There is no price for relief
The costs you face for staying may not be monetary, but they are probably much higher than the alternative.